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BIG NEWS: NANAKIY VARSH NAHI BADALAY PAN BADGET 15 DIVAS VAHELA RAJU KARAVANI SAMBHAVANA

BIG NEWS: NANAKIY VARSH NAHI BADALAY PAN BADGET 15 DIVAS VAHELA RAJU KARAVANI SAMBHAVANA

India is currently calculating the financial year from April 1 to 31. This tradition is about 150 years old and is running from the time of British rule. However, the NDA government is considering changing this tradition from 1st January to 31st December. The government also constituted a committee for this. Finance Minister Arun Jaitley also gave information in the Lok Sabha on July 31.
During the Question Hour in the Lok Sabha, the Finance Minister said that the government is considering making a change in the financial year. However, according to an official of the Central Government, this change is not currently possible for the fiscal year 2018-19. He said that if there is a change in the fiscal year this year, it is not possible to present the budget in the beginning of October or early November this year.
It is believed that the GST has been implemented by the government recently. In addition, the ban was prohibited last year. The effect of which is still seen in the market. So if the government changes in the financial year, then the problem of the merchandise especially can increase.
Lok Sabha elections will be held in 2019 So it is not possible for the government to make any change in the financial year in the present time. Various opinions are found in the knowledge of keeping the financial year up to January to December. A committee was formed in July -2016 under the leadership of former Chief Economic Advisor Shankar Acharya. The recommendation of this committee to change in the fiscal year did not seem right.
On the other hand, the policy commission recommended that only the full benefits of the working season should be changed in the financial year. If the financial year is from January to December, there will be a positive impact on the government's economic collection.